Wednesday, May 11, 2022

Thursday Watch

Evening Headlines

Bloomberg:       
 Wall Street Journal:
Fox News:    
Zero Hedge: 
TheGatewayPundit.com: 
OpenVAERS:
SKirsch.com:
Night Trading 
  • Asian equity indices are -1.25% to -.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 129.75 -1.5 basis points. 
  • China Sovereign CDS  83.25 -1.75 basis points.
  • Bloomberg Emerging Markets Currency Index 51.9 +.03%. 
  • Bloomberg Global Risk-On/Risk Off Index 3,719.0 -40.0 points.
  • Volatility Index(VIX) futures 31.4 1.1%.
  • Euro Stoxx 50 futures -1.6%.
  • S&P 500 futures +.59%.
  • NASDAQ 100 futures +.79%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (BABA)/7.24
  • (GOOS)/-.01
  • (DDS)/5.87
After the Close:
  • (AFRM)/-.41
  • (POSH)/-.22
Economic Releases
8:30 am EST
  • PPI Final Demand MoM for April is estimated to rise +.5% versus a +1.4% gain in March.
  • PPI Ex Food and Energy MoM for April is estimated to rise +.6% versus a +1.0% gain in March.
  • Initial Jobless Claims for last week is estimated to fall to 192K versus 200K the prior week.
  • Continuing Claims is estimated to fall to 1368K versus 1384K prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Daly speaking, UK GDP report, 30Y T-Note auction, weekly EIA natural gas inventory report, (FSLY) investor day and the (NET) investor day could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are lower, weighed down by technology and consumer shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

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